Supervalu (SVU) beat third-quarter earnings targets, reaffirmed full-year guidance and set a big capital spending plan.

The Minneapolis-based supermarket chain made $113 million, or 54 cents a share, for the third quarter ended Dec. 2, up from the year-ago $75 million, or 53 cents a share. The latest quarter included 8 cents a share in one-time charges. Sales, boosted by the acquisition of Albertson's, surged to $10.7 billion from $4.7 billion a year earlier.

Analysts surveyed by Thomson Financial were looking for a 57-cent profit on sales of $10.5 billion.

"We are seeing great progress on many fronts, including double-digit earnings per share growth when adjusted for charges," said CEO Jeff Noddle. "When including the acquired operations, we also saw improvement in our identical-store sales in the quarter and progress in our remodeling program."

Supervalu said it would spend $1.2 billion over the next year to remodel existing locations and open new stores.

The company said it expects to make $2.34 to $2.41 a share for the year, excluding charges, on sales of $37 billion. Analysts are looking for $2.35 a share on $37.3 billion in sales.

More from Stocks

Trump's 'Space Force' Could Launch a $1 Trillion Industry, Morgan Stanley Says

Trump's 'Space Force' Could Launch a $1 Trillion Industry, Morgan Stanley Says

Abiomed Stock Should Rise Some 12% From Here, Piper Jaffray Analyst Says

Abiomed Stock Should Rise Some 12% From Here, Piper Jaffray Analyst Says

Video: Here Is Why Carvana Isn't Worried About Amazon

Video: Here Is Why Carvana Isn't Worried About Amazon

Video: What Oprah's Content Partnership With Apple Means for the Rest of Tech

Video: What Oprah's Content Partnership With Apple Means for the Rest of Tech

REPLAY: Jim Cramer on the Markets, Oil, Starbucks, Tesla, Okta and Red Hat

REPLAY: Jim Cramer on the Markets, Oil, Starbucks, Tesla, Okta and Red Hat